No problem, right? Boulder real estate only goes up in value. That's four years of gains.
Guess again.
The Property
1077 Canyon Blvd #302 is on the third floor in the southwest corner of the Arete. It has three bedrooms, three baths, and about 2,500 F. SQFT. Key selling points include its generous size, open layout, Flatiron views, and decks that overlook Boulder's Civic Area. With its central downtown Boulder location, it's a perfect space for entertaining and is an excellent option for an executive or seasonal luxury residence. Three underground parking spaces were included in the sale.
Fun Fact
The first owner founded Crocs and a lifetime supply of colorful foam shoes were deeded in the sale. Remember these 2000s era beauties? Dog Walks Around In Crocs
Marketing Timeline
May 2010 | Acquired by the Crocs founder for $2.55M
June 2016 | Offered at $3.0M
Jan 2018 | Withdrawn from the market
March 2019 | Re-listed at $2.9M (with a new agent)
May 2019 | Price dropped to $2.8M
June 2019 | Listing refreshed (same agent)
Sept 2019 | Price dropped to $2.7M, listing refreshed (same agent)
Dec 2019 | Listing under contract
Feb 2020 | Sold at $2.6M
Benchmarks
This unit eventually sold for $1,021/F. SQFT.
In late June 2019, a slightly smaller two bedroom unit (#306) sold for $2.5M ($1,123/F. SQFT). This is the most relevant comp but there have been others.
In April 2019, a second story two bedroom unit (#210) sold for $2.4M ($1,098/F. SQFT).
And just a few weeks ago, another second story two bedroom unit sold for $1.65M ($1,042/F. SQFT).
Performance
Aside from the joy of ownership, this has been a financial loss for the former owner. Excluding transaction costs, and assuming no post acquisition capital investments (i.e. no special assessments, remodeling, or updates), the investment returned only 0.2% on an annualized basis.
This near flat-line investment performance is also despite an ownership period that mirrored the strongest bull market in US history.
Bottom Line
If you're looking for a Realtor who can offer you more value than simply driving you around and unlocking front doors, give us a call. Our mission is to help you make a smarter real estate decision.
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Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera.
For more information, click HERE.
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
You can also like our Facebook page or follow us on Twitter.
As always, your referrals are deeply appreciated.
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
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